Heritage Bank of Commerce Builds Out National Specialty Finance Group
Heritage Bank of Commerce, a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), is expanding its Specialty Finance Group, which includes Bay View Funding's factoring business and the Bank's Asset-Based Lending and SBA lending teams. This expansion aims to serve a diverse clientele requiring alternative loan products, particularly as the economy improves post-pandemic. The Specialty Finance Group is poised to support emerging growth companies with flexible financing solutions, including revolving credit and term loans, along with SBA financing that offers longer terms and lower down payments.
- Expansion of Specialty Finance Group indicates growth potential.
- SBA Preferred Lender status enhances competitive edge.
- Access to flexible financing solutions for emerging growth companies.
- None.
SAN JOSE, Calif., June 29, 2021 (GLOBE NEWSWIRE) -- Heritage Bank of Commerce (the “Bank”), a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), today announced that the Bank continues to expand its Specialty Finance Group. The Specialty Finance Group consists of Bay View Funding’s national factoring business and the Bank’s national Asset-Based Lending (“ABL”)/Corporate Finance team and regional Small Business Administration (“SBA”) lending team in the San Francisco Bay Area. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding is a wholly owned subsidiary of Heritage Bank of Commerce.
The Specialty Finance Group is structured to focus on and serve a comprehensive variety of clients who need alternative loan products. The solutions driven team of commercial finance professionals has a long and established history of funding privately held, microcap, venture-backed, private equity supported and publicly traded companies across the United States.
“These companies are often uniquely poised for substantial growth and need flexible sources of working capital to expand their operations,” said Glen Shu, Executive Vice President at Heritage Bank of Commerce, and President of the Specialty Lending Group. “We have a highly experienced, dedicated team who are actively implementing our national strategy for both our ABL and factoring services. We are optimistic about an improving economy, as we emerge from this pandemic, and look forward to working with new growth minded entrepreneurs who will need our specialized services.”
“Our ABL team provides financing solutions for working capital and refinancing of existing business debt for emerging growth companies. Lending products include revolving lines of credit and term-loan financing,” added Mr. Shu. “We also have a tenured SBA lending group that offers personalized, proven expertise and flexible loan products. Working with the SBA, we offer lending solutions that typically have longer terms and lower down payment requirements than what are available with traditional commercial loans.”
Additionally, Bay View Funding, a subsidiary of Heritage Bank of Commerce, is an expert in the factoring industry, with over three decades of experience in servicing clients across the U.S. The Bay View Funding team provides extensive knowledge in a wide range of industry solutions and works with factoring facilities up to
Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit http://www.heritagebankofcommerce.bank. Heritage Bank of Commerce is a member of the Federal Deposit Insurance Corporation.
For additional information, contact: Jarrod Gerhardt, SVP, Marketing & Communications, 925.287.7884.
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